The Trump administration collaborates with Israeli crypto startup Orbs in order to develop blockchain solutions that will aid the region’s longstanding political conflicts.
Following a summit convened by the White House in Bahrain, that was intended to discuss the Israeli–Palestinian conflict. As per a report by the New York Times, Treasury Secretary Steven Mnuchin calls investments in the Palestinian territory would be like a “hot I.P.O.” The White House is aiming to put $50 billion behind it’s so-called “Peace to Prosperity” plan.
Netta Korin, Orbs cofounder told CoinDesk that her team has been “working with the U.S. Administration and the State Department … on several projects that are currently in stealth mode.” Notably, Korin is also the co-founder of the nonprofit Hexa Foundation focused on social-impact blockchain projects. She further adds:
“I was invited [to Bahrain] to show the immense potential blockchain technology has to solve some of the problems governments are facing in an efficient and transparent matter.”
As per Korin, this steps marks an emblematic of “a paradigm shift” in order to deal with economic aid to the Palestinian people. She adds:
“Where the default used to be donations, the future will now be based on investments. The solutions that are being sought after will be innovative and game-changing.”
Interestingly, Korin was amongst a few Israelis who join White House advisor Jared Kushner at the Bahrain summit. Kevin Hassett, an American economist went on to suggest that blockchain technology will be instrumental in resolving the land title disputes the Palestinian territories, which perhaps overlook the fact such conflicts generally involve the Israeli military.
As per a previous report that quoted an anonymous source with knowledge of Israeli–Palestinian diplomatic relations stated that the thought for employing blockchain as a solution for tracking capital flows in the Palestinian territories has been discussed over the past year.
The said source said in particular that a meeting last October with U.S. Deputy Secretary of the Treasury Sigal Mandelker and several representatives from the Bank of Israel and the Israeli Finance Ministry explored such blockchain solutions. As per the source, there were no Palestinians present at the meeting, although the Palestinian Monetary Authority is also reportedly exploring blockchain solutions.